Possible Short Position for USD/JPY_Trade Plan 2017.06.11
Overall trend in D1 and H1 are both still down with price holding below MA200.
Currently, the last swing is overall up with price bouncing back up to resistance area 110.663-110.877 and rejected down, but still hold above nearest up trendline.
Trade Plan 1:
If price bounce back to this area and rejected down again (even better if it confirmed with false-break out of previous high), short the market.
With Stop Loss 30 pips and Target Profit 60 pips, the potential trade offers 2.00 Risk-To-Reward Ratio.
As an alternative, the next Target Profit would be 90 pips (next swing low), adjust the offers to 3.00 Risk-To-Reward Ratio.
Trade Plan 2:
If price breaks down below the support area 110.123-110.369 and trendline, short the market.
With Stop Loss 34 pips and Target Profit 80 pips, the potential trade offers 2.35 Risk-To-Reward Ratio.
